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The Bureau announced in December 2017 that it intended to open a rulemaking to reconsider various aspects of a 2015 final rule that amended regulations implementing the Home Mortgage Disclosure Act (HMDA). The Bureau issued a Notice of Proposed Rulemaking in May 2019 to seek comment on thresholds for collecting and reporting data with respect to open-end lines of credit as well as on thresholds for collecting and reporting data with respect to closed-end mortgage loans. The NPRM also proposed to incorporate an interpretive and procedural rule that the Bureau issued in August 2018 to clarify partial HMDA exemptions created by the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018. 

This summer, the Bureau reopened the comment period of certain aspects of the proposed rule. The reopened comment period gives interested parties an opportunity to review the Bureau’s annual overview of residential mortgage lending based on the HMDA data financial institutions collected in 2018, as requested by a variety of stakeholders. Thus, the Bureau plans to issue two separate final rules to address different aspects of the proposed rule at different times. The first rule would address the proposed two-year extension of the temporary threshold for collecting and reporting data on open-end lines of credit and the EGRRCPA partial exemption provisions and the second rule would address the proposed changes to the permanent thresholds for collecting and reporting data on open-end lines of credit and closed-end mortgage loans.